Is quick claim deed best vehicle to transfer real estate ownership

[Jimmy74]

Jurisdiction

Massachusetts

The Lord sadly took my wife of 54 years home with him last year.She was sole owner of a small home and after the will and probate it is now in my name. I want to turn around and get it in one of our sons name.

is the quick claim deed the quickest, cheapest, easiest way to handle legally? Can a real estate agent do or do I need a lawyer? Is this expensive?

thanks in advance.

 

[army judge]

My condolences upon your loss.
May your grief diminish with time, but your memories of her never disappear.

The quickest way isn't normally the best way.

That said, the choice is yours.

I'd never choose a QUITCLAIM deed.

I'd use a warranty deed.

How to Transfer Real Estate Property: 15 Steps (with Pictures)
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Quit Claim Deeds: The Fastest Way to Transfer Property Between Trusted Parties
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How to transfer property ownership
Before you can transfer property ownership to someone else, you'll need to complete the following.

1. Identify the donee or recipient

2. Discuss terms and conditions with that person

3. Complete a change of ownership form

4. Change the title on the deed

5. Hire a real estate attorney to prepare the deed

6. Notarize and file the deed

While the steps above may seem simple enough, a lot of thought and planning should go into your approach. There are many deeds available to you, and their benefits vary. It may cost you a little bit more money, but a real estate attorney in your state might make things easier.

There are easier and cheaper options available these days.
You can start with an online source.
I'm not RECOMMENDING any site, just illustrating they exist.
Conduct your DUE DILIGENCE before spending YOUR money.

Massachusetts Deed Forms

Massachusetts Real Estate Deed Forms - Fill In The Blank - Deeds.com

Transferring a Deed Without a Lawyer? Here's What You Should Know - Deeds.com

Massachusetts law about real estate

To Transfer or Not: Should You Deed Your House to Your Adult Children?
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[adjusterjack]

Google "why you shouldn't give a house to your adult children."

Very important for you to read.

 

[Tax Counsel]

The Lord sadly took my wife of 54 years home with him last year.She was sole owner of a small home and after the will and probate it is now in my name. I want to turn around and get it in one of our sons name.

is the quick claim deed the quickest, cheapest, easiest way to handle legally? Can a real estate agent do or do I need a lawyer? Is this expensive?

thanks in advance.

What you are referring to is known as a "quit claim deed". What that term means is that you transfer your interest in the property (if any) to your son without making any representations about the title to the property. You simply give up (quit) your interest in the property and give that interest to him. It is not necessarily any quicker or cheaper to do that than to transfer the property with a warranty deed or a special warranty deed, both of which make certain guarantees about the title of the property. Whichever way you go, I'd recommend you see a real estate attorney to get it right. It should not be terribly expensive to do that and will help avoid future problems.

Bear in mind that you will likely be required to file a federal gift tax return (Form 709) for this gift. If you make the gift this year that return would be due April 15 of next year. You probably wouldn't have to pay any actual gift tax, but you would reduce your unified credit against gift and estate taxes, which means you'd have less credit to apply to other gifts in the future or to apply against federal estate tax when you die.

 

[zddoodah]

She was sole owner of a small home and after the will and probate it is now in my name. I want to turn around and get it in one of our sons name.

Why? Are you intending not to live in the home any longer?

is the quick claim deed the quickest, cheapest, easiest way to handle legally?

The word is "quitclaim," not "quick claim." I'm not aware of any deed being any quicker than any other. As far as cost, you'll have to check with the county clerk/recorder to see if costs are dependent on the type of deed used. I also wouldn't say a quitclaim deed is any easier than any other type of deed. A quitclaim is commonly used for intrafamily transfers of the sort you described.

Can a real estate agent do or do I need a lawyer?

I'm sure there are a great many real estate agents who are capable of preparing deeds. I doubt, however, you could find one willing to do this for you without otherwise hiring the agent for the job that an agent normally does. Depending on how you answer the questions I asked above, it might be a very wise move to hire a lawyer.

Is this expensive?

Without parameters, "expensive" is an ambiguous term. What I think is expensive you might think is cheap. Again, consult with the local clerk/recorder about costs.

 

[Jimmy74]

Why? Are you intending not to live in the home any longer?

Thanks for taking time to respond and your input. The home was my mother-in-law's that my son is currently living in. Wife and I resided in our home and she willed it (mother in laws house) to me . I'm not excited about creating a will with that house included (value $189K) I would like to get that taken care of and then Will my residence (value $389k) 50-50 to each of my 2 sons.

The word is "quitclaim," not "quick claim." I'm not aware of any deed being any quicker than any other. As far as cost, you'll have to check with the county clerk/recorder to see if costs are dependent on the type of deed used. I also wouldn't say a quitclaim deed is any easier than any other type of deed. A quitclaim is commonly used for intrafamily transfers of the sort you described.



I'm sure there are a great many real estate agents who are capable of preparing deeds. I doubt, however, you could find one willing to do this for you without otherwise hiring the agent for the job that an agent normally does. Depending on how you answer the questions I asked above, it might be a very wise move to hire a lawyer.



Without parameters, "expensive" is an ambiguous term. What I think is expensive you might think is cheap. Again, consult with the local clerk/recorder about costs.

 

[zddoodah]

The home was my mother-in-law's that my son is currently living in. Wife and I resided in our home and she willed it (mother in laws house) to me . I'm not excited about creating a will with that house included (value $189K) I would like to get that taken care of and then Will my residence (value $389k) 50-50 to each of my 2 sons.

So the home that you're asking about is not your residence? Correct?

If so, then you have your answer. You can use a quitclaim deed to transfer title to your son. I'd still suggest at least a consultation with a local attorney. We see posts here all the time where someone could have avoided thousands of dollars in legal fees and costs by spending a few hundred dollars on the front end.